Ryan is going to invest in an account paying an interest rate of 1.5% compounded continuously. How much would Ryan need to invest, to the nearest ten dollars, for the value of the account to reach $2,600 in 5 years?

$1860

Step-by-step explanation:

The compound interest formula is expressed as;

A = P(1+r)^t

A is the amount after 5 years = $2000

P is the amount invested (Principal)

r is the rate = 1.5% = 0.015

t is the time = 5 years

Substitute into the formula and get the Principal

2000 = P(1+0.015)^5

2000 = P(1.015)^5

2000 = P(1.0773)

P = 2000/1.0773

P = $1,856.49

P = $1860 (to the nearest ten dollars)

Hence the amount invested is $1860 to the nearest ten dollars

what are the statements

step-by-step explanation: